USD/CHF is testing the low of its horizontal range between 0.9079 and 0.9383. A decisive break of this support would open the way for a move towards the strong support at 0.8931, whereas a break of the hourly resistance at 0.9121 (31/01/2013 high) is needed to improve the short-term outlook. Another resistance is at 0.9227 (30/01/2013 high).
The break of prior support at 0.9423 (18/06/2012 low) has invalidated the succession of higher lows that started in August 2011. The lower low made on 20 December 2012 confirms a bearish bias. A break of the key resistance at 0.9383 (see also declining channel on a daily chart linking the 28 August top with the one made on 13 November) is needed to negate this bias.